SkinHealth Systems Inc.
SKIN Consumer Defensive Household & Personal Products
SkinHealth Systems Inc.’s revenue for fiscal 2025 (year ended December 2025) was $300.8 million, down 10.0% from fiscal 2024. In the quarter to June 2026, revenue fell 7.77%, EPS fell 112.5%, free cash flow fell 81.9% and total debt fell 4.93%, each against the same quarter a year earlier.
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SkinHealth Systems Inc. (SKIN) Beneish M-score
SkinHealth Systems Inc.'s Beneish M-score for fiscal 2025 is −3.05; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.05 | 0.30 |
| FY2024 | −3.35 | (0.41) |
| FY2023 | −2.94 | (1.63) |
| FY2022 | −1.31 | 1.74 |
| FY2021 | −3.05 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.92 | — | 0.84 | |
| Gross margin index | 0.84 | — | 0.44 | |
| Asset quality index | 1.27 | — | 0.51 | |
| Sales growth index | 0.90 | — | 0.80 | |
| Depreciation index | 0.94 | — | 0.11 | |
| SG&A index | 0.96 | — | −0.17 | |
| Total accruals to total assets | (0.09) | — | −0.44 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.05 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MLKMF Waldencast PLC compare | −4.0× |
| SKIN SkinHealth Systems Inc. | −3.0× |
| UG United-Guardian, Inc. compare | −2.6× |
| ACU Acme United Corporation. compare | −2.6× |
| NUS Nu Skin Enterprises, Inc. compare | −2.3× |
| YSG Yatsen Holding Limited Sponsored ADR compare | −2.3× |
| SLSN Solesence, Inc. compare | −1.1× |
| DSY Big Tree Cloud Holdings Limited compare | 32.4× |
| GROV Grove Collaborative Holdings, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI